Invoice auction of the nation’s first “KyoPay” Online Platform
Myanmar, since the technology has developed, Website and Social Media such as Facebook became a place to connect with each other and do buying and selling. Such development in using online makes businesses and enterprises can connect each other more quickly and effectively, the daily users become more increased.
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1639115522790958/1639115489457628/?type=3&theater
KyoPay Online Platform in order to speed up funds for small and medium-sized enterprises operating in Myanmar to support entrepreneurs and businesses who want to invest in an aim to become a link between the passengers.
It was designed to create opportunities for business owners online to auction invoices to the clients who are interested in investing business and turn the invoices into cash in hand. The platform was also designed with a business model mainly focused on emerging countries to prevent financial constraints.
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1639115522790958/1639115489457628/?type=3&theater
For example, if we got invoices before actual money for doing certain business, and we become in need of money and the invoices are not due yet to receive cash, we can register on Kyo Pay online platform and auction our invoices online.
To register, certain documents are needed. The documents needed are mentioned below,
For personal information
(1) ID
(2) copies of ID cards/passports
(3) an official copy of the ID/passport (if available)
(4) addressed to the company to address an invoice last billing statement (at least one)
(5) General Bills (electricity, water, etc.)
(6) a copy of the company’s bank book/bank statement
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1681451508557359/2005985149437325/?type=3&theater
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1681451508557359/1961503757218798/?type=3&theater
For work documents
(1) Company registration card
(2) Memorandum of Association (if available)
(3) Articles of Association (if available)
(4) Approval of BOD to register and sell invoice on Kyo Pay website ( Also NRC of BOD members need to be included)
(5) Import and Export licenses for import and export activities
Documents needed for individuals purchase are also as below;
For Personal Information
(1) ID
(2) copies of ID cards/passports online
(3) an official copy of guarantor’s ID/passport (if available)
(4)an invoice of last billing statement addressed to the current address of residence (one at least)
(5) General Bills (electricity, water, etc.)
(6) a copy of the company’s bank book/bank statement
KyoPay Seller needs to become one of the Know-Your-Customer (KYC) process and the required documents are as follows.
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1681451508557359/1961364607232713/?type=3&theater
Seller documents also needed to be
(1) National Registration Card
(2) copies of ID cards/passports online
(3) copies of official registration of passports (if available).
If you have to know the entire process can access (-link from the Monday post) can be studied.
For business owners,
(1) an invoice of last billing statement addressed to the company address(at least one)
(2) a copy of the company’s bank
book/bank statement
(3) the company’s registration card
(4) Memorandum of Association
(5) Articles of Association
(6) Form 6 and Form 26
(7) KyoPay website account that it has agreed to sell and invoice BOD recommendation of the Director Board Society (must show ID numbers)
Photo Source- https://www.facebook.com/kyopaytech/photos/a.1681451508557359/2005095809526259/?type=3&theater
Why should we use KyoPay?
KyoPay Platform users with simple, easy, and their Invoice Transaction processing and payment processes are monitoring them. Payments are, you have direct access to local and transaction activity is fast and reliable.Having a secure open and transparent. Transactional processes and access their information directly relevant stakeholders to manage. Having a changing and competitive market.
Many who invested during auction bidding because they can not alter the discount. Seller’s Invoice started with a 5% discount, but competition from bidders (4%), (3) percent reduction. It expected from the auction seller percent discount for selling Invoice cost.KyoPay 2017 Anthem Asia (Myanmar) Limited and Acudeen Technologies is a founding partner. Myanmar language “upfront” and was called “KyoPay” meaning of the symbol of Myanmar lucky as well, Visionary wisdom by bringing the full meaning of the owl is used as a toy brand of Kyopay.
